PSP Projects financials and balance sheet

NSE: PSPPROJECTBSE: 540544ConstructionSmall Cap

₹732.15₹23.30 (3.08%)BSE ₹733.05

Share price at the NSE close on 23 Oct 2026. Previous close ₹755.45.

52-week range of traded prices to 23 Oct 2026

₹569.20Low, 30 Mar 2026₹1,143.00High, 6 Jul 2026

Next results date: the board meets on 2 Nov 2026 to consider: financial results and other business matters.

Market cap: ₹2,902 Cr961st largest listed
P/E: 39.5
P/B: 2.3
Dividend yield: Nonein the last 12 months
ROE: 5.9%
ROCE: 8.0%
Debt to equity: 0.25
Volume, NSE: 46,17052.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.PSP Projects annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹3,149 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.7% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,149
Materials and goods−1,188
Employee costs−146
Other expenses−1,626
Operating profit189
Depreciation−87
Other income+17
One-off items0.0
Finance costs−45
Profit before tax75
Tax−19
Joint ventures−0.1
Net profit56

What the company owns

Plant, investments and other assets₹1,398 Cr
Receivables₹928 Cr
Cash and bank₹416 Cr
Inventory₹348 Cr

What pays for it: net worth and liabilities

Net worth₹1,264 Cr
Other liabilities₹1,043 Cr
Owed to suppliers₹465 Cr
Borrowings₹317 Cr

Profit and loss

Consolidated, ₹ crore, years to March.PSP Projects quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 17 Jun	Mar 2020Filed 10 Jun	Mar 2021Filed 19 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 19 May	Mar 2024Filed 7 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
Revenue from operations	457	752	1,050	1,499	1,241	1,748	1,938	2,506	2,512	3,149
	390	647	902	1,309	1,106	1,490	1,708	2,245	2,333	2,960
Materials and goods bought	168	290	416	535	396	499	582	790	818	1,188
Employee costs	–	–	43	59	51	72	93	125	120	146
Other expenses	–	–	443	714	659	918	1,033	1,330	1,395	1,626
Operating profit before depreciation	67	105	149	191	135	258	230	261	179	189
Operating margin	14.6%	13.9%	14.1%	12.7%	10.9%	14.8%	11.9%	10.4%	7.1%	6.0%
Materials, % of revenue	–	–	39.6%	35.7%	31.9%	28.5%	30.0%	31.5%	32.6%	37.7%
Employee costs, % of revenue	–	–	4.1%	4.0%	4.1%	4.1%	4.8%	5.0%	4.8%	4.6%
Other expenses, % of revenue	–	–	42.2%	47.6%	53.1%	52.5%	53.3%	53.1%	55.5%	51.6%
Depreciation and amortisation	8	11	24	27	26	32	40	65	73	87
Operating profit after depreciation	59	93	124	164	109	226	190	196	107	102
Other income	13	19	23	24	17	22	25	24	17	17
Finance costs	8	9	10	15	15	26	32	51	44	45
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	64	102	137	173	111	222	183	169	80	75
	23	36	48	45	28	55	48	46	22	19
Current tax	–	–	48	46	30	57	51	52	30	37
Deferred tax	–	–	0	−1	−3	−2	−2	−6	−8	−18
Share of profit of joint ventures and associates	0	–	–	0	−2	0	−3	0	−2	0
	41	66	89	128	81	167	132	123	56	56
Belonging to the company's shareholders	41	66	89	128	82	167	132	123	56	56
Belonging to outside owners of subsidiaries	–	–	0	0	−1	0	–	0	0	0
Other comprehensive income	–	–	0	0	0	−1	0	0	0	−1
Total comprehensive income	–	–	89	128	81	165	132	123	56	55
Net margin	9.0%	8.8%	8.5%	8.6%	6.5%	9.5%	6.8%	4.9%	2.2%	1.8%
Net margin without joint ventures and associates	9.0%	–	–	8.5%	6.7%	9.5%	6.9%	4.9%	2.3%	1.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 17 Jun	Mar 2020Filed 10 Jun	Mar 2021Filed 19 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 19 May	Mar 2024Filed 7 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
	370	455	536	687	801	915	1,209	1,264
	369	454	536	687	801	915	1,209	1,264
Share capital	36	36	36	36	36	36	40	40
Reserves	333	418	500	651	765	879	1,169	1,224
Belonging to outside owners of subsidiaries	1	1	–	0	–	0	–	–
	30	77	74	100	145	455	272	317
Repayable after a year	0	4	3	17	38	42	18	23
Repayable within a year	29	73	71	82	107	413	253	294
	364	504	452	565	924	1,078	1,123	1,789
Trade payables	159	217	260	258	368	420	418	465
Other financial liabilities	12	21	28	36	60	24	31	55
Other liabilities	153	191	85	188	388	217	416	962
Provisions	0	1	1	0	1	3	4	12
Tax owed	10	1	–	0	–	–	0	0
	0	4	4	19	40	44	21	36
Other financial liabilities	–	0	–	–	–	–	0	10
Provisions	0	0	1	2	2	3	3	3
	735	963	991	1,270	1,765	2,037	2,353	3,089
Held for sale or for a demerger	–	–	–	–	–	–	–	14
	193	264	299	449	483	507	574	688
Plant in use, after depreciation	102	106	115	206	238	321	306	412
Plant being built	0	0	42	0	18	3	3	1
Intangible assets	1	1	1	1	1	1	1	1
Investments	0	1	1	1	1	1	1	1
Loans given	23	27	25	0	0	0	0	0
Other financial assets	59	119	99	228	205	155	225	211
Deferred tax	6	7	10	11	13	19	27	45
Other assets	2	3	6	2	7	7	10	17
	541	699	693	821	1,282	1,530	1,779	2,387
Inventories	75	97	89	82	153	318	324	348
Trade receivables	148	235	227	311	434	342	530	928
Cash and cash equivalents	36	41	116	88	94	113	80	260
Other bank balances	187	156	113	108	148	114	128	155
Loans given	11	7	6	6	3	3	1	0
Other financial assets	56	128	107	133	297	508	572	478
Tax paid in advance	1	34	–	0	7	1	24	38
Other assets	29	1	35	93	146	130	121	180
Net debt	−192	−120	−155	−97	−97	228	64	−98

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 19 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 19 May	Mar 2024Filed 7 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
	73	147	45	−224	53	323
	97	211	126	−154	106	372
	−33	−35	−112	−427	−79	148
Receivables	6	−88	−125	84	−201	−413
Inventories	8	7	−71	−165	−6	−24
Payables	39	−57	67	86	11	10
Other working capital	−86	102	18	−432	118	574
Tax paid	−23	−64	−57	−47	−53	−49
Capital spending	79	77	80	142	68	193
Free cash flow	−6	71	−34	−366	−15	130
	5	−164	−51	−26	−106	−152
Plant and property sold	0	1	1	1	1	0
Interest received	16	21	24	23	17	17
Dividends received	0	0	0	0	0	0
	−4	−11	12	269	20	10
Borrowings raised	6	21	45	310	11	80
Borrowings repaid	−2	−5	0	0	−195	−34
Interest paid	−8	−12	−16	−32	−35	−33
Lease payments	0	0	0	0	0	−3
Dividends paid	0	14	18	9	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	238	0
Net change in cash	74	−28	6	19	−33	180

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.PSP Projects dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 17 Jun	Mar 2020Filed 10 Jun	Mar 2021Filed 19 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 19 May	Mar 2024Filed 7 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
Earnings per share	₹14.31	₹18.78	₹24.84	₹35.69	₹22.65	₹46.29	₹36.65	₹34.16	₹14.32	₹14.00
Diluted earnings per share	₹14.31	₹18.78	₹24.84	₹35.69	₹22.65	₹46.29	₹36.65	₹34.16	₹14.32	₹14.00
Dividend per share	₹2.50	₹5.00	₹5.00	₹5.00	₹4.00	₹5.00	₹2.50	–	–	–
Book value per share	–	–	₹102.59	₹126.16	₹148.86	₹190.82	₹222.50	₹254.13	₹304.97	₹318.84
Dividend payout	–	27.3%	20.1%	14.0%	17.7%	10.8%	6.8%	–	–	–
Shareholder yield	–	–	–	–	0.0%	0.7%	0.7%	0.4%	−9.5%	0.0%
Market cap at the year end (₹ crore)	–	1,620	1,644	1,170	1,668	1,941	2,415	2,476	2,510	2,281

Ratios

Consolidated, years to March.PSP Projects PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 17 Jun	Mar 2020Filed 10 Jun	Mar 2021Filed 19 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 19 May	Mar 2024Filed 7 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
Revenue growth	–	64.5%	39.7%	42.7%	−17.2%	40.9%	10.9%	29.3%	0.3%	25.3%
Operating profit growth	–	56.7%	42.0%	28.3%	−29.2%	91.5%	−11.0%	13.4%	−31.2%	5.4%
Net profit growth	–	60.2%	35.2%	43.8%	−36.9%	105.9%	−20.8%	−6.8%	−54.1%	−1.6%
Earnings per share growth	–	31.2%	32.3%	43.7%	−36.5%	104.4%	−20.8%	−6.8%	−58.1%	−2.2%
	–	–	24.2%	31.2%	16.5%	27.3%	17.7%	14.3%	5.3%	4.5%
	–	–	–	7.0 pts	−14.7 pts	10.8 pts	−9.5 pts	−3.4 pts	−9.0 pts	−0.8 pts
From the net margin	–	–	–	0.2 pts	−7.3 pts	7.4 pts	−7.8 pts	−5.0 pts	−7.8 pts	−1.1 pts
From asset turnover	–	–	–	5.7 pts	−6.7 pts	5.2 pts	−3.4 pts	0.4 pts	−0.9 pts	0.0 pts
From borrowing	–	–	–	1.1 pts	−0.7 pts	−1.8 pts	1.7 pts	1.1 pts	−0.4 pts	0.3 pts
Return on capital employed	–	–	31.1%	30.8%	17.9%	28.8%	20.1%	14.3%	7.2%	6.5%
Cash conversion	–	–	–	–	90.8%	88.4%	34.3%	−182.1%	93.4%	581.5%
Interest cover	7.3	10.0	12.8	10.9	7.3	8.5	5.9	3.9	2.4	2.3
Debt to equity	–	–	0.08	0.17	0.14	0.15	0.18	0.50	0.22	0.25
Receivable days	–	–	51	57	67	65	82	50	77	108
Inventory days	–	–	66	66	82	60	96	147	145	107
Payable days	–	–	140	148	240	189	231	194	186	143
Cash conversion cycle, days	–	–	−22	−25	−91	−64	−53	3	35	71
Working capital days	–	–	−5	17	24	30	42	93	102	55
Asset turnover	–	–	1.43	1.77	1.27	1.55	1.28	1.32	1.14	1.16
Assets per rupee of net worth	–	–	1.99	2.06	1.97	1.85	2.04	2.22	2.07	2.20
Sales per rupee of plant	–	–	10.28	14.08	10.80	8.49	8.13	7.81	8.21	7.65
Capital spending to depreciation	–	–	–	–	3.09	2.39	1.99	2.19	0.94	2.23
Plant being built, % of plant in use	–	–	0.0%	0.0%	36.2%	0.0%	7.4%	0.9%	0.9%	0.2%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.0%
Cash from operations against operating profit: 170.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	20.5%	17.6%
Profit growth, yearly rate	–	−7.4%	−25.1%
Return on equity, average	–	13.8%	8.0%
Return on capital employed, average	–	15.4%	9.3%
Operating margin, average	11.6%	10.0%	7.9%
Net margin, average	6.7%	5.1%	3.0%
Asset turnover, average	–	1.29	1.21
Cash conversion cycle, days, average	–	−2	36
Interest cover, average	7.1	4.6	2.8
Debt to equity, average	–	0.26	0.32

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	344	152	323
Cash from investing	−499	−284	−152
Cash from financing	299	299	10
Capital spending	559	403	193
Dividends paid	41	9	0
Shares bought back	0	0	0
Shares issued for cash	238	238	0
Borrowings raised	467	401	80
Borrowings repaid	234	229	34

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	6	3	4	4	6
Altman Z-scorePublished threshold 1.81	–	–	5.72	4.44	4.87	4.98	3.85	3.78	3.59	2.68
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.38	−2.03	−2.07	−2.00	−1.81	−2.35
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	0.23	16.23	9.05	19.63	4.98	−4.24
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.70	−0.07	−0.40	0.65
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	16.29	13.56	−3.59	28.65	−50.46	54.62	49.85
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	0.42	18.16	−34.33	70.54	71.78	−1.70	−37.90
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	5.18	−1.69	4.78	11.54	7.57	3.10	−0.69
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	1.22	0.00	0.24	0.02	0.05	0.00
Effective tax ratePublished threshold 17.16 per cent	35.45	35.58	35.08	26.03	24.86	24.97	26.47	27.15	27.43	25.38
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.72	−4.53	−0.51	−38.99	−41.01

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
22 Dec 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-Bank Guarantee	CARE A+ / CARE A1Review, Downgrade	Stable	1,300
22 Dec 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Bill Discounting/ Bills Purchasing	CARE A1Review, Downgrade		50
22 Dec 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Letter of credit	CARE A1Review, Downgrade		42
22 Dec 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE A+Review, Re-affirm	Stable	155

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.